A computer is purchased for $4.700. Its value each year is about 77% of the value the preceding year. Find the value of the computer after 8 years. Round to the nearest
cent.
To solve this problem, we need to calculate the value of the computer after each year, using the given information that its value each year is about 77% of the value the preceding year.
After the first year, the value of the computer would be 77% of $4,700, or 0.77 * $4,700 = $3,619.
After the second year, the value of the computer would be 77% of $3,619, or 0.77 * $3,619 = $2,786.63.
Following this pattern, we can find the value of the computer after 8 years:
Year 3: 0.77 * $2,786.63 = $2,146.85
Year 4: 0.77 * $2,146.85 = $1,652.13
Year 5: 0.77 * $1,652.13 = $1,272.48
Year 6: 0.77 * $1,272.48 = $980.66
Year 7: 0.77 * $980.66 = $754.73
Year 8: 0.77 * $754.73 = $581.74
Therefore, after 8 years, the value of the computer would be approximately $581.74.